Knowledge is Power!
Having a firm Industry knowledge provides you grip in the competitive market you stand.
Additionally, it gives you a broader view of the happenings in city. Knowing your competitor allows you to strategize effectively & offer best values to the guests.
Let us have a look at some of the best methods to do effective Competitor Analysis, and what algorithms to be kept in mind while doing so.
1. Understanding the Social Media Insights: Go through the Social Media platforms of your competitors on periodical basis & understand insights of Facebook, Instagram, and other platforms.
The simplest way you can do this is by looking at the type of posts, response, increase in likes, and engagement their social media accounts are having. Facebook has recently opened option to see promotions placed by any page. How much and on what promotions ad is being placed by a competitor can be an interesting thing to notice. OTA’s will give much view as well.
2. Identify your SEO competitors: Compile a list of the main search phrases that pertain to your hotel. You can plan strategy post this analysis, if any relevant keyword is getting less response from competitor, can place more bid on this. Broadly look at all the aspects of SEO – on-page, off-page and website back-links, and accordingly select keywords related to your product and services. Enter keywords and see who ranks highest, but keep in mind that buyer behavior changes dramatically, hence periodically monitor your ad’s to do required modifications as well.
3. Use smart Research Tools: These are the tools that analyze your competition’s site, compare their standing to yours, and provide filtered data that can help stratigizing plans.
Plan monthly promotions in line with ongoing market trends, and analyzing competitors working. Ascertain that if you aren’t watching your competitor’s digital strategy, for sure they are watching yours.